Treasury prices are slightly lower after overnight reports from Europe and Asia indicated an uptick in global manufacturing.  In US economic news, rumors of a national refinance program continue to swirl with indications that details may be released as soon as today. 

The latest MBA mortgage applications index showed a slight dip in applications of -2.9%, following last week's -5.0% decline.  Ahead of Friday's payroll report, today's US ADP employment report showed a disappointing gain of 170k vs estimates of a 185k gain.  The previous month's report was also revised lower to +292k vs the original amount of +325k.  

Currently, the 10yr yield is at 1.807% (1.847% Tuesday) and the 2-10 yield spread is at 159bps, 3bps flatter since yesterday morning.